Citi India, IIT Kanpur launch lab to provide grants to startups

Only startups that have demonstrated a proof of concept, have a customer base and show potential to scale their business will be considered for the grant. Applications are open till December-end. 

Citi India bank, the Indian Institute of Technology (IIT) Kanpur, and technology incubator T-Hub have announced the launch of the Social Innovation Lab to identify and nurture startups with unique solutions that can solve some of the grass-root level problems in agriculture, health and finance sectors.  

As per an official statement, early and growth-stage startups across India have been invited to share their proposals in December 2021 to get support, including mentoring, business model development, go-to market startegy, funding and scaling opportunities. 
Approximately 25 early-stage startups will be provided with a grant for incubation and five growth-stage startups will be provided with a grant for scaling their business further, it added. 

“The collaboration with IIT-Kanpur and T-Hub reaffirms our commitment to economic growth and enabling progress across communities in India by supporting grants towards the incubation and acceleration of innovative startups in key areas -- health, agriculture and financial services,” said Mridula Iyer, head of treasury and trade solutions, Citi South Asia. 

The grant will be primarily given to companies that have demonstrated a proof of concept, built an existing customer base and exhibited the potential for scale across the country, said Citi in a statement. Qualifying startups will get guidance from IIT Kanpur, while T-Hub’s vast ecosystem will provide networking and collaboration opportunities to them.  

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